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Cryptocurrencies: Six banks plan to issue stablecoins using IBM’s payment network


  • Critical feedback on Bitcoin ETF application
  • Some banks plan to issue fiat-backed tokens using an IBM’s payment network
  • Major cryptos move quite flat another day in a row

Tuesday’s morning has delivered another quite a boring picture of the cryptocurrency market as most of virtual currencies has not managed to produce any major price movements. As a result, the largest cryptocurrency Bitcoin is still trading around the $3957 handle at press time. According to CoinMarketCap, the capitalization of the whole crypto market stands around the $140.5 billion handle whereas the market capitalization of altcoins sits around the $69 billion mark around Tuesday noon.

Bitcoin (BITCOIN on xStation5) has not experienced any major moves during today’s trading as it has dropped by around $4 so far. As we could notice, the largest cryptocurrency has been trading within the price area ranging from around $4005 to around $3915 this week. Thus, its movements could be described as rather flat. Source: xStation5

Critical feedback on Bitcoin ETF application

The US Securities and Exchange Commission (US SEC) received only seven answers produced by the public to its request of feedback on the Bitcoin ETF application, as the CCN reports. Moreover, six of them has criticized the proposed Bitcoin ETF. One of the letters says that Bitcoin “is volatile, manipulated by the very few and has no real use case”. Another commenter encourages the Commission to “decline this ETP without hesitation”. Note that the application of the VanEck/SolidX Bitcoin ETF gathered more than 1400 answers in September. What’s interesting, a majority of them were positive for this application. Why did crypto-related perception change? It may be a hard question, but one of the major reasons may be declining prices of cryptos.

Ethereum (ETHEREUM on xStation5) started this week flat as it experienced a drop of around $1.2 during yesterday’s trading. The second largest virtual currency is trading around the $138 handle at press time. Source: xStation5

Some banks plan to issue fiat-backed tokens using IBM’s network

IBM, the US-based top tech company, disclosed its payment network for regulated financial institutions called “IBM Blockchain World Wire” using the Stellar blockchain yesterday. The network is aimed to “optimize and accelerate foreign exchange, cross border payments and remittances”, as the IBM’s press release reports. “Today World Wire has enabled payment locations in 72 countries, with 47 currencies and 44 banking endpoints”, according to the mentioned company’s communique. What’s interesting, IBM said that six international banks (including Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation) signed letters of intent to issue stablecoins using the IBM’s payment network.

When we look at the daily chart of Ripple (RIPPLE on xStation5) price, we could notice that spreads between opening and closing prices have not been wide in recent days. However, the lower wicks of the candlesticks have been quite long recently suggesting that bears have numerously tried to push the cryptocurrency lower. Source: xStation5

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